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IT Q1 Results Review — Muted Quarter; Strong Order Backlog Offers Cushion; Systematix Tags TCS As Top Pick
Infosys, HCLTech, and Wipro trade at modest to steep premiums to their historical multiples, leaving limited upside, and Systematix maintains Hold on all three.
29 Aug 2025, 07:00 AM IST 
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During Q2 CY25, the technology spending by top US banks reached a record $9.7 billion, up 1% QoQ and 7% YoY, indicating early signs of recovery in the BFSI space.
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IT services companies under the brokerage's coverage reported a weak Q1 FY26, amid muted demand, delayed deal ramp-ups, and softness in manufacturing and retail verticals. Discretionary spending continued to be weak, as clients remained cautious amid macro and geopolitical uncertainties.
